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XRP’s rally hit a wall, tumbling below $2.050 as bears seized control. Now, XRP is battling to regain its footing, facing a stiff challenge at the critical $2.050 level. Can it break through, or will the downward pressure persist?
- XRP price started a fresh decline below the $2.050 zone.
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The price is now trading below $2.050 and the 100-hourly Simple Moving Average. XRP’s hourly chart is flashing a warning sign. A stubborn bearish trend line is emerging, currently barricading the price around $2.080 (Kraken data). Will XRP break through, or will this resistance hold firm, pushing it back down?
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The pair could continue to move down if it settles below $2.00.
XRP Price Dips Further
XRP’s attempted climb past $2.120 stalled, mirroring Bitcoin and Ethereum’s struggles. Momentum fizzled, triggering a sharp descent below $2.050 and $2.020, erasing earlier gains.
The bears just sunk their claws below $2.00, carving out a temporary bottom at $1.957. Now, the price is struggling to claw its way back, pinned beneath the weight of the 23.6% Fibonacci retracement – a grim reminder of the recent plunge from $2.141 to $1.9575.
Danger lurks below $2.050 as the price dances beneath the 100-hour SMA, threatening a deeper descent. A bullish resurgence faces immediate headwinds at $2.050, a critical barrier reinforced by the 50% Fibonacci retracement, stemming from the previous high of $2.141 to the low of $1.9575. Bulls must conquer this zone to reclaim upward momentum, or risk further losses.
XRP is wrestling with a stubborn ceiling around $2.080, where a bearish trendline is adding to the pressure. Breaking above this $2.080 barrier could unleash a surge towards $2.120. The bulls’ next challenge lies at $2.150. Overcoming this could ignite a rally towards $2.20, and further gains might propel XRP towards the $2.250 mark. Ultimately, conquering the $2.320 resistance will be the key test for any sustained upward momentum.
More Losses?
XRP’s rally hinges on shattering the $2.080 barrier. Failure to break through could trigger a sharp reversal. Watch for an initial safety net around $1.950, but the real battleground lies near $1.920. A breach there spells trouble.
A slip below $1.920 could uncork a torrent of selling, potentially dragging the price down towards $1.880. Should that level fail to hold, all eyes shift to the $1.8450 zone – a critical support that, if breached, could trigger a deeper plunge towards the $1.80 mark.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.950 and $1.920.
Major Resistance Levels – $2.050 and $2.080.
Thanks for reading XRP Price Extends Losses Deepens Move Below $20 Amid Softer Sentiment
